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It’s easy to wind up feeling that you’re spending so much on gifts that don’t matter. So, how can you feel more fulfilled in your gift-giving this holiday season? How about gifts that invest in someone’s future or set them on a positive financial path.

Giving this kind of gift "depends on your relationship with the person and whether or not there is some context for why a financial gift would be appropriate,” says Farnoosh Torabi, Financial Expert and Host of the Podcast So MoneyOpens in New Window. For example, is this going to your best friend who is struggling to pay off her student loans or a coworker you just met?

Once you determine who you’re selecting for, you must figure out what would best benefit them because the "gifts are only as valuable as the gift-recipient makes them out to be,” says Torabi.

Ideas to consider:

·         A book that offers advice or strategies is a great gift for a friend struggling with a few financial problems, like debt or asking for a raise.  You can even include a note detailing why you think it can help them succeed financially so it is more personal.

·         Giving a gift card that will support a big financial goal is also a good option. If your parents are redoing the kitchen, give them a Home Depot gift card. If your sibling is struggling with food expenses, send over a gift card from their local grocery store.

·          If a loved one needs help with setting a budget (and has confided in you their frustration with this), buy them a year’s access to a budgeting app.

·         A financial planning session is a great gift for a recent college graduate or young adult who is beginning to build their financial foundation.

·         Your niece and nephew are getting older, and their parents are stressed about paying for college. Instead of a new outfit or piece of technology, contribute to their 529 accounts for the holidays. It may land with a thud now, but they’ll be super grateful when they graduate debt-free.

·         If you are giving a gift to a teen or a young adult, an SAT prep course or a GMAT review session could be a great gift.  A few points can mean the difference between a full and partial scholarship. This could really help get them ready for taking that next step in their education and position them for paying better jobs in the future.”

Source: SavvyMoney Blogs

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